appendix 3b, page-46

Exactly llub...

Post from 16/10/09 sheds some light on the Intersuisse report:

"On the $40k payment for reserach, this will cover at least 12mths of updates as well .

I would like anyone out there to show me research for a micro cap ASX listed company with a technology commercialisation biz model which delivers as balanced and comprehensive a first report as this one.

This is not a whitewash of sentiment, wrapped in a glossy cover or a highly paid marketing piece. This is real investment research . It is not a broker report in the classic sense, it is a post-GFC, generation now style of investment information...

And the feedback so far from TRUE instos mirrors this sentiment. It doesn't mean that they'll invest now. But at least there is a credible roadmap that allows them to decide at which point of outcome delivery meets their mandate to invest .

There's still a lot of frothy trading activity in this stock but with each new and additional development this tendency will change"
___________________________________________
The report came out 15/10/09, and it was an "initial" coverage report.

So what did ESI HAVE as at 15/10/09?:

* No cash

* No Indo

* No Poland

* No (minor) Matmor progress

* No LYP coal

* No confirmed Chindia prospects

* No Tincom FS money.

So at the time of this reports release - ESI had nothing...and still dont until Tincom FS money is banked .

All of the above, except "No Tincom FS money" are positive achievements of ESI since 15/10/09 (just 18 weeks ago) - not bad hey! Even instos must be impressed.

So obviously the next report - post Tincom FS money - will be a cracker.

"TRUE instos" are watching...ready to pounce at some stage....when...we dont know....but they are watching...probably more so now as they see ECT made the shrewd move of teaming up with LYP for coal.

An insto would be thinking: "Exergen had Tata etc on board, but they still couldnt win over LYP or one of the others - so how come LYP, Tincom, Poland, Indo, etc are so confident of Coldry - what makes Coldry stand out from the crowd - time for a closer look maybe?"